President Tinubu Request Senate Approval To Add ₦6.2trillion To 2024 Budget

The President’s proposal was enclosed in a letter read during the plenary on Wednesday by Senate President Godswill Akpabio

Details of the letter show President Bola Ahmed Tinubu seeks Senate approval for the withdrawal of ₦3.2 trillion from the Consolidated Revenue Fund, for capital expenditure.

The President, in the second phase of the proposal as contained in the letter, seeks approval for the withdrawal of another ₦3 trillion from the consolidated revenue fund for additional recurrent expenditure for the year ending on the 31st day of December , 2024.

He also requested in the letter, an Act to amend the Finance Act, 2023, to impose and charge windfall tax on banks and to provide for the administration of the tax and matters related thereto.

The President’s bid have already been listed on the Order Paper as Executive bills for consideration by the Senate.

The president said, “Pursuant to section 58 (2) of the constitution of the Federal Republic of Nigeria as amended, I forward herewith the above-named bills for consideration and passage by the senate.

“The appropriation act amendment bill seeks to amend the principal act to provide the sum of N3,200,000,000,000 for Renewed Hope Infrastructure Projects and other critical infrastructure projects to be undertaken across the country and the sum of N3,000,000,000,000 to meet further recurrent expenditure requirements necessary for the proper operation of the federal government.

“They shall be funded by accruing to the federal government of Nigeria.

“Furthermore, the proposed amendments to the Finance Acts 2023 are required to a one-time windfall tax on the foreign exchange gains realised by banks in their 2023 financial statements to fund capital infrastructure development, education, and healthcare as well as welfare initiatives all which are components of the Renewed Hope Agenda.”